Klarna has partnered with Adyen to enable Buy Now, Pay Later (BNPL) options in physical stores, significantly extending its market reach.
- This collaboration will integrate Klarna’s BNPL service into Adyen’s payment terminals across Europe, North America, and Australia.
- Traditionally focused online, Klarna seeks to capture the $11 trillion in-store shopping market through this strategic move.
- The service will operate via Adyen’s 450,000 terminals, allowing consumers to complete transactions using QR codes and the Klarna app.
- This partnership highlights Klarna’s commitment to providing flexible, high-street payment solutions globally.
Klarna has entered into a significant agreement with Adyen, aiming to expand its Buy Now, Pay Later services beyond the realms of e-commerce. This strategic partnership will facilitate the availability of Klarna’s BNPL product in physical retail environments by leveraging Adyen’s extensive network of payment terminals. With this collaboration, Klarna will be accessible in stores across Europe, North America, and Australia, marking a pivotal step in its growth trajectory.
Historically, Buy Now, Pay Later transactions have been predominantly associated with online shopping, a segment valued at approximately $3 trillion according to Worldpay. Klarna intends to tap into the vastly lucrative $11 trillion in-store shopping sector. By integrating with more than 450,000 Adyen payment terminals, Klarna expands its footprint to a global audience, aiming to seamlessly blend online convenience with offline shopping experiences.
Consumers will enjoy the simplicity of Klarna’s service in physical stores through a streamlined process involving QR codes. Shoppers can scan these codes on Adyen terminals and conveniently finalise their purchases on their mobile devices using the Klarna app. This integration represents Klarna’s innovative approach to enhancing consumer payment flexibility at the point of sale, aligning with modern retail demands.
This initiative is not Klarna’s first attempt to break into traditional retail spaces, as the company has previously rolled out a payment card designed for physical store use. However, the Adyen collaboration signifies a more substantial expansion effort, capitalising on Adyen’s established presence and technological infrastructure. David Sykes, Klarna’s Chief Commercial Officer, underscored this ambition by stating, “We want consumers to be able to pay with Klarna at any checkout, anywhere.”
Adyen, headquartered in the Netherlands and buoyed by a recent UK banking licence, offers a comprehensive suite of point-of-sale, digital payments, and embedded banking services. This partnership stands as a testament to both companies’ innovative strides towards reimagining the future of retail payments, offering unparalleled convenience and flexibility to consumers worldwide.
This collaboration marks a significant step for Klarna as it seeks to redefine the in-store payment landscape.
